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Last month, South Africa fell into its first recession in 17 years. Unemployment is at a staggering 25% and retail sales have dropped the most in almost a decade. Add in a new president who was backed by South Africa's communist party and it wouldn’t be surprising to see foreign investors head for the exits.
But better times could be just over the horizon. All eyes are on world cup 2010. Major companies are spending millions on sponsorships and South Africa’s government has committed billions to a major infrastructure buildout.
Surging commodities prices have been a boon to their biggest export: metals. And South Africa remains the world's biggest producer of gold and platinum.
So how should you trade South Africa – the largest economy in Africa?
I like playing South Africa for resources, explains Tim Seymour. And you can do that with Gold Fields [GFI
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] or Harmony Gold [HMY
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] Or I suggest a long position in the iShares MSCI South Africa Index [EZA
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] .
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Trader disclosure: On June 23rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (INTC) & Is Short (INTC) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (ORCL) Call Spread; Najarian Owns (YHOO) Call Spread; Terranova Owns (TER), (XBI), (BTU), (MSFT), (HES), (RIMM), (BTU), (MS); Terranova Is Short (GENZ) Call Spreads; Terranova Owns (GENZ) And Is Short (GENZ) Calls; Terranova Owns (DIS) Call Spreads; Terranova Is Short (XOM) Call Spreads; Finerman Owns (TBT); Finerman's Firm Owns (MSFT), (PBR), (RIG), (NOK), (TBT), (YUM), (WMT); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (IJR), (MDY), (IWM), (SPY), (USO),(CAKE); Seymour Owns (BAC), (AAPL), (EEM), (FXI), (NOK), (PWRD)
Data is a real-time snapshot *Data is delayed at least 15 minutes